Schedule of Other Intangible Assets, Net |
The following intangible assets have finite lives and are being amortized using the straight-line method over their estimated economic lives as follows:
Patents |
|
4 - 20 years |
Client relationships |
|
9 - 22 years |
Trademarks |
|
30 years |
Non-compete agreements |
|
9 years |
Internally-developed software |
|
3 years |
Other intangible assets, net consisted of the following at:
|
|
June 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
Patents |
|
$ |
13,507,997 |
|
|
$ |
13,507,997 |
|
Customer relationships |
|
|
13,942,115 |
|
|
|
13,942,115 |
|
Trademarks |
|
|
2,880,967 |
|
|
|
2,880,967 |
|
Non-compete agreements |
|
|
660,000 |
|
|
|
660,000 |
|
Software |
|
|
233,314 |
|
|
|
183,415 |
|
Other intangible assets, gross |
|
|
31,224,393 |
|
|
|
31,174,494 |
|
Less: accumulated amortization |
|
|
(16,390,099 |
) |
|
|
(15,087,598 |
) |
Other intangible assets, net |
|
$ |
14,834,294 |
|
|
$ |
16,086,896 |
|
|
Schedule of Estimated Future Amortization Expense |
Estimated future amortization expense is as follows:
Twelve Months Ending June 30, |
|
Total |
|
2022 |
|
$ |
2,606,277 |
|
2023 |
|
|
1,735,114 |
|
2024 |
|
|
1,442,751 |
|
2025 |
|
|
1,424,276 |
|
2026 |
|
|
1,424,276 |
|
Thereafter |
|
|
6,201,600 |
|
Total amortization |
|
$ |
14,834,294 |
|
|